10:26 ET<\/span><\/span><\/p>\nPresident Barack Obama is to meet senate leaders negotiating on spending cuts and raising the US debt ceiling, as a deadline for action looms.<\/p>\n
Mr Obama and Vice-President Joe Biden are due to meet Senate Democratic Majority Leader Harry Reid at the White House at 1030 local time (1430 GMT).<\/p>\n
Mr Obama will also meet with Republican leader Mitch McConnell later on Monday.<\/p>\n
The US treasury department has warned the US risks default if Congress does not authorise more borrowing by August.<\/p>\n
The White House meetings come after Republicans walked out of talks on Thursday over raising the US debt limit.<\/p>\n
Leaders of both parties agree to the need to trim the budget, but Republicans have refused to allow tax increases, while Democrats have vowed to protect costly social programmes.<\/p>\n
The US national debt is $14.3 trillion (\u00a38.7 trillion), and the annual budget deficit is roughly $1.4 trillion.<\/p>\n
Tax revenue row<\/span><\/p>\nRepublican leaders have told the White House they will not accept Mr Obama’s demands to close tax loopholes and raise rates on wealthy Americans.<\/p>\n
“Throwing more tax revenue into the mix is simply not going to produce a desirable result, and it won’t pass,” Mr McConnell told ABC television’s This Week on Sunday.<\/p>\n
The White House has said Republicans want to use the negotiations with the Obama administration to secure tax loopholes for corporations, tax breaks for the wealthy and subsidies for oil and gas firms.<\/p>\n
Mr McConnel is scheduled to meet Mr Obama and Mr Biden, who has been heading the administration’s talks on the budget, at 1700 local time (2100 GMT) in the Oval Office.<\/p>\n
Without an agreement that cuts long-term deficits, Republicans say they will not vote to increase the nation’s borrowing.<\/p>\n
The White House has warned that if Congress does not raise the debt ceiling, it could mean the first US financial default in history.<\/p>\n<\/div>\n
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